南方基金固收类夺冠！汇添富债基翻车，诺安货基大缩水

Core Insights - The performance of fixed-income funds in 2025 significantly declined compared to 2024, with an average return of 2.15% for 3,988 funds, down from 4% in 2024 [2] - The total profit for fixed-income funds in 2025 was 372.31 billion yuan, a decrease of 264.15 billion yuan from 636.47 billion yuan in 2024 [2] Fund Performance - Among the 3,988 fixed-income funds, 3,651 achieved positive returns, representing approximately 91.55% of the total [2] - The top-performing fund was Southern Changyuan Convertible Bond A with a return of 48.77%, while the worst performer was Huatai-PB Fenghe Pure Bond A with a return of -7.7%, resulting in a performance gap of 56.47% [2][12] - In 2025, 337 funds reported negative returns, with 279 being medium to long-term pure bond funds [18] Fund Management Scale - By the end of 2025, the management scale of fixed-income funds reached 26.12 trillion yuan, an increase of nearly 2 trillion yuan from the end of 2024 [4][38] - The management scale of money market funds increased by 1.4 trillion yuan to 15.01 trillion yuan, while bond funds saw a smaller increase of 560 billion yuan to 11.11 trillion yuan [39][40] Profit Distribution - A total of 32 fund companies reported net profits exceeding 3 billion yuan from fixed-income products, with 12 companies exceeding 10 billion yuan [3] - The top profit-generating fund company was E Fund, with a total profit of 19.974 billion yuan from fixed-income products [33] - Conversely, 6 fund companies reported negative profits, primarily due to poor performance in bond funds [33][34] Fund Categories - The average return for 340 money market funds was 1.24%, while 3,648 bond funds had an average return of 2.23% [7] - Convertible bond funds performed exceptionally well with an average return of 23.34%, while index bond funds underperformed with an average return of 0.82% [8] Notable Funds - 126 fixed-income funds had a net asset growth rate exceeding 10%, with 13 funds achieving over 30% growth [11] - The top five funds with returns exceeding 30% included Southern Changyuan Convertible Bond A, Minsheng Jianyin Enhanced Income A, and others [12][13] Market Trends - The bond market experienced significant fluctuations in 2025, with various bond indices showing mixed performance [9] - The relationship between the A-share market and bond funds was highlighted, with equity market volatility contributing to the performance of bond funds [10]